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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Sony to halve suppliers Reuters - Friday, May 22 TOKYO - Sony Corp will halve the number of its suppliers in the next two years and aims to slash procurement costs by 20 percent this year, it said on Thursday, stepping up restructuring efforts amid mounting losses. ADVERTISEMENT Analysts saw the move as positive. It comes on top of a plan to cut fixed costs by more than 300 billion yen . But Sony shares fell more than 1 percent along with those of other exporters, hurt by a firmer yen. Sony, which competes with Samsung Electronics in flat TVs and Canon Inc in digital cameras, has been overhauling operations as it expects a second straight year of losses due to weak global demand for consumer electronics goods. The yen's strength is dealing an additional blow to Japanese companies because it cuts into profits earned overseas. "I'm not sure how effective this is because it's just operational streamlining and wouldn't simply push up earnings or bear fruit immediately," Mizuho Investors Securities analyst Nobuo Kurahashi said. "But it is very good that we are seeing more and more concrete restructuring measures at a quick pace." Sony spokeswoman Mami Imada said the company plans to cut its suppliers to about 1,200 from the current 2,500 by March 2011. It will cut costs by increasing the volume of parts and materials purchased from each supplier. Its procurement costs currently total about 2.5 trillion yen. The consolidation of suppliers will include video game subsidiary Sony Computer Entertainment Inc, which has enjoyed considerable freedom in purchasing supplies. Sony, the maker of Bravia LCD TVs and PlayStation game consoles, has forecast an operating loss of 110 billion yen in the year to next March, after logging a 227.8 billion yen loss last business year. It has said it will axe 16,000 jobs and close 14 percent of its 57 manufacturing sites. Shares in Sony, which vies with Panasonic Corp for the title of the world's largest consumer electronics maker, lost 1.4 percent to 2,470 yen, in line with a fall in the benchmark Nikkei average. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Personal Technology Xbox 360 to show Sky live and on-demand programmingReuters - Friday, May 29 Verizon to sell Palm Pre, new BlackBerry phonesReuters - Friday, May 29 Sony Ericsson unveils "gesture gaming" phoneReuters - Friday, May 29 Rapper Jay-Z close to a deal with SonyReuters - Thursday, May 28 Related Articles: Technology Nintendo to launch new version of Wii Fit: reportReuters - Sunday, May 31 New US command to focus on cyber battlefieldAFP - Sunday, May 31 Book industry meets over uncertain futureAFP - Saturday, May 30 Microsoft reverses Windows 7 Starter limitReuters - Saturday, May 30 Obama to create White House cybersecurity postReuters - Saturday, May 30 Related Full Coverage Personal Technology Mobile phones & personal gadgets All Full Coverage Most Popular – Technology Viewed Vitamin D boosts brain power in middle-aged men US lab debuts super laser Ancient eruption 'killed off world's sea life' Music icon Spector gets 19 years for murder Jewels worth six million euros stolen from Paris store: police View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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